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A System of Payment Whereby Workers Are Paid a Set

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A system of payment whereby workers are paid a set amount of money not tied to the quality of the raw materials,accidents,or other exigencies in the production process refers to:


Definitions:

Full Employment

Refers to a situation in the economy where all available labor resources are being used in the most efficient way possible.

Unemployment Rate

The proportion of the overall workforce that is not employed but is actively looking for work and ready to take on a job.

Economic Growth

An increase in a country's capacity to produce goods and services, reflected over time in a rise in the national income and standard of living.

Production Possibilities Curve

A graphical representation showing the maximum quantity of goods and services that can be produced within an economy given available resources and technology.

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